Upcoming EVFTA to fortify lenders, illustration photo The EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement are set to amplify European giants’ presence in Vietnam. After the trade deal moves into effect, Vietnam will lift some limits on foreign ownership in local banks to 49 per cent in the next five years, with the exception of the four joint-stock commercial banks in which the state still holds a controlling stake. … [Read more...] about Upcoming EVFTA to fortify lenders

The onset and offset of the global health crisis containment measures like lockdowns, social distancing, international air travel bans, and limiting freight transport are being enacted based on contagion rates of individual ASEAN countries and their capacity of healthcare infrastructure. The announced unemployment subsidies vary from country to country depending upon their fiscal space, while migrant labourers from heavily-infected countries are banned from travelling. … [Read more...] about From containment to recovery: rescuing the ASEAN from crisis

Vietnam is expected to see a new foreign direct investment (FDI) wave as more foreign companies plan to move investment into the country. The US-China trade has triggered the trend of shifting production lines from China to Southeast Asia and other markets, including Vietnam which was seen as a promising destination. Meanwhile, many countries are fighting against the Covid-19 pandemic while Vietnam has basically controlled the disease, while maintaining its economic growth momentum. Pegatron, Amazon and Home Depot have started recruiting and seeking to open new supply chains with Vietnam being among potential markets.Other US giants like Google and Microsoft have announced their plans to relocate their production facilities of new phones, personal computers and some other devices from China to Southeast Asia with factories in Vietnam and Thailand expected to be the beneficiaries, the Nikkei Asian Review reported.Microsoft is scheduled to start producing its Surface line, including … [Read more...] about More giant foreign firms plan to shift investment into Vietnam

In addition, the Government cautiously recommended the NA consider and adopt the guideline on several specific mechanisms and policies to revive the economy in the new situation. Accordingly, the Government asked for the NA’s permission to proactively adjust the 2020 public investment plans among ministries, sectors and localities within the expenditure estimate on development investment; convert the investment mode for important transport projects from that of a public-private partnership to the use of the state budget; exempt and reduce a number of tax obligations concerning the areas and subjects suffering heavy losses due to COVID-19; postpone the increase of basic salary for civil servants, public employees and the armed forces and pensions from July 1, 2020; and consider launching new economic stimulus packages if the pandemic continues to be prolonged on a global scale. … [Read more...] about BUSINESS NEWS HEADLINES MAY 30